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SCMP Reporter

Two big developers are confident they can find buyers for their spacious, low-rise residential projects  in Sheung Shui

Bold house pricing in the northern New Territories suggests that developers are confident they can sell at luxury-level rates. It also suggests that developers see an opportunity arising from a general lack of house development in the district.

Sino Land and Sun Hung Kai Properties  both said they planned  to sell low-rise residential projects in Sheung Shui at  average prices of  $10,000 and more per sq ft.

Sino Land   said it would sell The Royal Oaks,  adjacent to the Hong Kong Golf Club,  at prices echoing those of traditional luxury districts such as Island South.

Meanwhile, Sun Hung Kai Properties said it planned to sell units in its upcoming apartment project, Noble Hill, in Tin Ping Shan,  Sheung Shui, at more than $10,000 per sq ft.

The Royal Oaks  features 44 houses ranging in size  from 4,000 sq ft to 8,000 sq ft. Each house comes with a garden of between  1,500 sq ft and 13,000 sq ft.

Sales begin this month.

Noble Hill, which comprises seven 20-storey residential blocks, awaits pre-sale consent.

The target prices for the projects are set even higher than they are for houses in traditional luxury localities  such as Kowloon Tong.

'Houses in Kowloon Tong in good  condition can be priced  at $10,000 per sq ft, but not all houses can achieve that price,' said Ricacorp senior manager Eric Lam Chong-wai.

'But  houses at  Yau Yat Chuen Garden, which is 18 years old, are being sold at  about $6,000 per sq ft.'

Property agents said the target price for The Royal Oaks, if realised, would probably set a record  for residential projects in the northern New Territories.

The closest reference is Hong Luk Yuen, in Tai Po,  comprising houses built 12 to 14 years ago. Properties in respectable condition are selling for as much as $7,000 per sq ft.

There are various factors, besides price, that buyers will consider when looking at houses in the northern New Territories.

'Hong Lok Yuen   is more accessible than The Royal Oaks, but it is a much larger development that lacks the privacy  that high-end flat buyers generally seek,'  said Ricacorp Properties  managing director  Ivan Ho Shui-cheong.

Referring to the aggressive pricing by both developers, property agents pointed to  buoyant sales recently of a new luxury apartment project,  The Grandville,  in Sha Tin.

About 150 units of the Nan Fung Development  project were sold last weekend. Some apartments sold at $6,000 to $8,000 per sq ft,  while  units in a low-rise residential block sold for as much as $13,000 per sq ft.

'A price tag of over $10,000 per sq ft is surprisingly high for a project in Sheung Shui,' Mr Ho said. Sheung Shui had no genuine housing development to boast of, and a small luxury housing development near the golf links could sell at prices that had little reference to the district itself.

Koh Keng-shing,   managing director at Landscope Surveyors,  which specialises in luxury homes, said The Royal Oak's proximity to The Hong Kong Golf Club would be a significant factor in attracting  wealthy buyers.

He added that it might take time to sell off all 45 houses, considering the comparatively high price.



Bold pricing puts houses near the border into luxury league